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Five Must Reads for the CRE Industry Today (Nov. 14, 2020)

Commercial Observer examines the toll that eight months of lockdowns have taken on women working in commercial real estate. Owners and investors in New York City are preparing for a pitched battle over property tax valuations, reports Bisnow. These are among today’s must reads from around the commercial real estate industry.

  1. COVID Is Forcing More Women Out of the Workforce. What About in Real Estate? “Since January, 2.2 million women have left the workforce, compared with 1.5 million men, according to the Bureau of Labor Statistics. In September, when school began, women dropped out of the workforce at four times the rate of men, per the data. That’s 865,000 women compared with 216,000 similarly aged men in just one month. And one in four women say they’ve considered scaling back their work in some way, either leaving the workforce, moving to part-time work, or taking a temporary break, according to a report from McKinsey on women in the workforce.” (Commercial Observer)
  2. 'This Will Be A Battle’: Landlords Prepare For Property Tax Fights As Values Slide “Owners of New York City real estate, whose taxes make up a sizable portion of the city’s revenue, are gearing up for a possible fight with the Tax Commission next year as the impact of the pandemic continues to wreak havoc on the local economy.” (Bisnow)
  3. Tapped-Out Tenants Take Charge as Landlords Pursue End Runs Around Eviction Moratorium “The tenant union organizers call it “stoop court” — a new effort to support tenants while Housing Court remains virtual. The organizers gather small groups to meet outside of a tenant’s home to appear on screen for the hearing together…. This stoop court session was part of a groundswell of efforts by renters around New York City to head off landlords who’ve attempted to eject tenants despite an ongoing pandemic-driven moratorium on evictions.”  (Naked Capitalism)
  4. Mesirow Institutional Real Estate Direct promotes Ben Blakney to president “Mesirow Institutional Real Estate Direct (IRED) has elevated Ben Blakney to president, effective November 1, 2020. Based in Chicago, Blakney has held numerous senior positions within the multifamily value-added real estate team since joining Mesirow Financial in 2014.” (
  5. Empire State Realty Obtains $180M Loan for NYC Tower “Empire State Realty Trust has received a $180 million mortgage loan for a 542,000-square-foot office and retail high-rise in Midtown Manhattan. Estreich & Co. arranged the interest-only financing, which bears a fixed rate of 2.83 percent and is set to mature in December 2030.” (Commercial Property Executive)
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